Common use of FX Conversion Clause in Contracts

FX Conversion. Where costs are incurred in a currency other than client’s invoice base currency, or costs are based on a valuation of any of client’s securities in a currency other than client’s invoice base currency, ▇.▇. ▇▇▇▇▇▇ will perform a foreign exchange calculation to determine such costs payable by the client. Such calculation will typically use the WM/Reuters spot rate (“Benchmark Rate”) for the relevant currency pair published at 4:00pm London time on the last business day of each calendar month for which client will be invoiced. However, the Benchmark Rate used in such calculation may change from time to time and ▇.▇. ▇▇▇▇▇▇ will notify the client of such rate change.